Ormet Corporation engages in the production and sale of primary aluminum and related products in the United States. It offers aluminum/sows and alumina primarily to commodity traders. The company was founded in 1956 and is headquartered in Hannibal, Ohio.

Current Status of Company: At this time, the Company is currently in Chapter 11 bankruptcy as it continue to reorganize its assets and liabilities. The plant is in full curtailment, but has been shutdown in a manner which allows each of the 6 potlines to be restarted immediately. The shutter was executed beginning in the middle of October 2013.

Sequential Summary of Recent Events-- At this time, Ormet Corporation is shutdown due to extraordinary operating costs and fallen LME exchange aluminum prices.

POWER/ELECTRIC: In 2009, Ormet drew up a Power agreement with American Electric Power. The power agreement was intended to help subsidize the rate at which the Company was paying per Megawatt. At the time of this agreement, the Company was paying less that $40/mwh. Before curtailment of the plant, that rate had risen to over $60 repsenting a full 50% increase.

LME ALUMINUM PRICES: Compounding these tough deficit situation, the LME prices on aluminum had fallen below the $2000/per tonne to as low as the $1600 range. That figure represented a significant decrease from the pre-Recession mark of $3200/tonnne and the most recent high of $2700 in 2011. As of this summary (3/21/2014), the current level has flucauated from $1600-1700.